yet another bank held guilty of precious metals manipulation

canadian bank novascotia bank’s precious metals desk reached an agreement to pay a fine of us 127.5 million dollars with the usa dept of justice and the cftc [commodities and futures trading commission]

here is the link

again the technique used was “spoofing” – placing a large order in a particular direction and then cancelling the order before it was executed , artificially creating demand in that direction

if the fine is 128 million dollars , how much have they earned from this spoofing trick ? god knows ….

if you recall , the same technique was used by the jpmorgan bank’s traders as well and three of them were convicted in 2019 for it